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Canfor reports 1990 first half profits down despite gain
For six months ended June 30 1990 Canfor Corp net income totaled 43.6 million or 1.86 per share after preferred dividends. Second quarter net income 30.5 million or 1.31 per share includes a 26.2 million after tax gain from Cantor High Level mill sale. Without the gain, first half would be 17.4 million or .71 per share. Sales 476.4 million half year and 236.7 million Q2, up from 1989 due to Balfour Forest acquisition. Pulp downturn hurt earnings. Howe Sound results down. brownfibre line startup delayed. Canfor cut 1990 capital spending by ~30 percent, environmental projects preserved. Outlook: pulp curtailments likely. pulp prices weak. North American lumber markets flat. Company remains confident in balance sheet and modernization as defense against downturn.